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BRMALLS ANNOUNCES THE SALE OF INTEREST IN NATAL SHOPPING
Rio de Janeiro, December 20th, 2017 - BR MALLS PARTICIPAÇÕES S.A., hereby announces the sale of its 50,0% stake on Natal Shopping, located in the city of Natal, in the state of Rio Grande do Norte, for R$166.3 million payable on March 6th, 2018. The amount represents a post-tax cap rate of 8.7%*.
This was BRMALLS 14th full mall divestment since 2011, being the 4th transaction in 2017, and totaling R$454.5 million this year, BRMALLS’ largest asset sale volume in a single year. This transaction reinforces the companys commitment with its portfolio recycling strategy as a way to generate value to its shareholders. The transaction allows BRMALLS to reinvest the proceeds in investments along with its strategy.
* The cap rate calculation considers the assets last twelve months NOI and the present value of the amount negotiated. The cap rate on a cash and on an accrual basis are equal.